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insurance australia group (IAUGF) Key Developments

IAG In Talks To Increase Stake In SBI General Insurance

Insurance Australia Group Limited (ASX:IAG) is planning to increase its stake in SBI General Insurance Company Limited from 24% to 49%. Steve Hollow, Deputy Chief Executive Officer of SBI General Insurance, said, "IAG is in talks with State Bank of India (BSE:500112) in this regard. The shareholders’ agreement provide for increasing stakes in the company."

Insurance Australia Group Limited Declares Fully Franked Interim Dividend for the Half Year Ended December 31, 2014, Payable on April 1, 2015

The Board of Insurance Australia Group Limited has determined to pay a fully franked interim dividend of 13.0 cents per ordinary share against 13.0 cents per share, for the half year ended December 31, 2014. This equates to a payout ratio of 46.6% of cash earnings for the period. The interim dividend is payable on April 1, 2015 to shareholders registered as at 5pm on March 4, 2015.

Insurance Australia Group Limited Announces Unaudited Consolidated Financial Results for the Half Year Ended December 31, 2014; Maintains Earnings Guidance for the Fiscal Year 2015

Insurance Australia Group Limited announced unaudited consolidated financial results for the half year ended December 31, 2014. Gross written premium was AUD 5,603 million against AUD 4,786 million a year ago. Net earned premium was AUD 5,154 million against AUD 4,320 million a year ago. Profit before income tax AUD 710 million against AUD 942 million a year ago. Profit for the period attributable to shareholders of the parent was AUD 579 million or 24.08 cents per diluted share against AUD 642 million or 29.56 cents per diluted share a year ago. Net cash flows from operating activities were AUD 290 million compared to AUD 475 million a year ago. Outlays for investments and property and equipment acquired were AUD 8,587 million compared to AUD 6,707 million a year ago. Total revenue was AUD 7,945 million against AUD 6,243 million a year ago. Underwriting profit was AUD 266 million against AUD 671 million a year ago. Profit before income tax and amortisation was AUD 753 million against AUD 952 million a year ago. This increase in gross written premium was mainly attributable to the addition of the former Wesfarmers business. For the year ending 30 June 2015, the group has maintained its reported margin guidance of 13.5-15.5%, and expects GWP growth to be at the lower end of its 17-20% guidance range. Underlying assumptions behind the reported margin guidance are: net losses from natural perils in line with allowance of AUD 700 million; lower prior period reserve releases equivalent to around 2% of NEP; and no material movement in foreign exchange rates or investment markets in the second half of the financial year.

SBI To Divest Stake In Life and General Insurance

State Bank of India (BSE:500112) is planning to divest part of its stakes in SBI Life Insurance Company Limited and SBI General Insurance Company Limited as its joint venture partners want to increase their stakes. SBI holds 74% stake each in SBI Life Insurance, its joint venture with BNP Paribas Cardif S.A.; and SBI General Insurance, its joint venture with Insurance Australia Group Limited (ASX:IAG). According to SBI, domestic and international investors have also shown interest in picking up its stakes in the two JVs.

Insurance Australia Group Limited, H1 2015 Earnings Call, Feb 18, 2015

Insurance Australia Group Limited, H1 2015 Earnings Call, Feb 18, 2015


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Valuation IAUGF Industry Range
Price/Earnings 12.3x
Price/Sales 1.3x
Price/Book 2.1x
Price/Cash Flow 11.7x
TEV/Sales 1.1x

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